14 SEGMENT INFORMATION Consolidated Income Statement for the year ended December 31, 2009 (in millions of euros) France United Kingdom Spain Poland Revenues 23,639 5,108 3,887 3,831 - External 22,274 5,068 3,836 3,794 - Inter-segment 1, External purchases (8,928) (3,485) (2,735) (1,721) Other operating income 1, Other operating expense (1,824) (343) (281) (154) Labour expenses (4,952) (386) (181) (536) Gain (losses) on disposal and other gains (losses) (12) (2) - 8 Restructuring costs (82) (21) (2) (5) Share of profits (losses) of associates (22) UEFI's ruling of November 30, 2009 EBITDA note 2.1 9, ,462 Depreciation and amortization (2,192) (687) (1,001) (959) Impairment of goodwill - (1) - (400) Impairment of fixed assets - - (2) (8) Operating income 7, (274) 95 Finance costs, net Income tax Consolidated net income after tax of continuing operations Consolidated net income after tax of discontinued operations Consolidated net income after tax Investments in property, plant and equipment and intangible assets - excluding telecommunications licenses 2, telecommunications licenses - - (7) - - financed through finance leases TOTAL INVESTMENTS (4) 2, (1) Total before the reclassification of segment United Kingdom (2) Including 5,676 million euros for the revenue of France geographical zone, 240 million euros for the revenue of UK geographical zone, 643 million euros for the revenue of rest of Europe geographical zone and 1,000 million euros for the revenue of rest of the world geographical zone at December 31, Including 193 million euros for tangible and intangible assets of France geographical zone, 13 million euros of UK geographical zone, 35 million euros of rest of Europe geographical zone and 74 million euros of rest of the world geographical zone at December 31, 2009 (3) Including 1,301 million euros for the revenue of France geographical zone, 8 million euros for the revenue of UK geographical zone and 79 million euros for the revenue of rest of the world geographical zone at December 31, Including 631 million euros for tangible and intangible assets of France geographical zone at December 31, 2009 (4) Including 1,500 million euros for other intangible assets and 4,387 million euros for other tangible assets at December 31, 2009 Consolidated Financial Statements 14

16 Consolidated Income Statement for the year ended December 31, 2008 (in millions of euros) France United Kingdom Spain Poland Revenues 23,726 5,926 4,067 5,184 - External 22,293 5,864 4,001 5,137 - Inter-segment 1, External purchases (9,104) (3,966) (2,957) (2,169) Other operating income 1, Other operating expense (1,671) (317) (279) (246) Labour expenses (4,497) (424) (183) (666) Gain (losses) on disposal and other gains (losses) (23) (1) (6) 24 Restructuring costs (82) (28) (38) (50) Share of profits (losses) of associates (14) EBITDA note 2.1 9,854 1, ,146 Depreciation and amortization (2,385) (917) (1,102) (1,234) Impairment of goodwill (32) (1) (140) - Impairment of fixed assets (6) - (2) 31 Operating income 7, (630) 943 Finance costs, net Income tax Consolidated net income after tax of continuing operations Consolidated net income after tax of discontinued operations Consolidated net income after tax Investments in property, plant and equipment and intangible assets - excluding telecommunications licenses 2, telecommunications licenses financed through finance leases TOTAL INVESTMENTS (4) 2, (1) Total before the reclassification of segment United Kingdom (2) Including 5,837 million euros for the revenue of France geographical zone, 248 million euros for the revenue of UK geographical zone, 660 million euros for the revenue of rest of Europe geographical zone and 1,040 million euros for the revenue of rest of the world geographical zone at December 31, Including 240 million euros for tangible and intangible assets of France geographical zone, 10 million euros of UK geographical zone, 39 million euros of rest of Europe geographical zone and 90 million euros of rest of the world geographical zone at December 31, 2008 (3) Including 1,277 million euros for the revenue of France geographical zone and 72 million euros for the revenue of rest of the world geographical zone at December 31, Including 982 million euros for tangible and intangible assets of France geographical zone at December 31, 2008 (4) Including 1,883 million euros for other intangible assets and 5,433 million euros for other tangible assets at December 31, 2008 Consolidated Financial Statements 16

18 Consolidated Income Statement for the year ended December 31, 2007 (in millions of euros) France United Kingdom Spain Poland Revenues 23,267 6,540 3,963 4,825 - External 21,762 6,478 3,896 4,785 - Inter-segment 1, External purchases (8,628) (4,419) (2,844) (1,967) Other operating income 1, Other operating expense (1,782) (331) (305) (268) Labour expenses (4,687) (491) (171) (642) Gain (losses) on disposal and other gains (losses) 2 (6) (6) 9 Restructuring costs (58) (20) (3) - Share of profits (losses) of associates EBITDA note 2.1 9,659 1, ,040 Depreciation and amortization (2,657) (1,034) (1,129) (1,172) Impairment of goodwill Impairment of fixed assets - - (1) 1 Operating income 7, (469) 869 Finance costs, net Income tax Consolidated net income after tax of continuing operations Consolidated net income after tax of discontinued operations Consolidated net income after tax Investments in property, plant and equipment and intangible assets - excluding telecommunications licenses 2, telecommunications licenses financed through finance leases TOTAL INVESTMENTS (4) 2, (1) Total before the reclassification of segment United Kingdom (2) Including 5,750 million euros for the revenue of France geographical zone, 263 million euros for the revenue of UK geographical zone, 628 million euros for the revenue of rest of Europe geographical zone and 1,082 million euros for the revenue of rest of the world geographical zone at December 31, Including 257 million euros for tangible and intangible assets of France geographical zone, 22 million euros of UK geographical zone, 57 million euros of rest of Europe geographical zone and 85 million euros of rest of the world geographical zone at December 31, 2007 (3) Including 1,184 million euros for the revenue of France geographical zone and 56 million euros for the revenue of rest of the world geographical zone at December 31, Including 690 million euros for tangible and intangible assets of France geographical zone at December 31, 2007 (4) Including 1,693 million euros for other intangible assets and 5,415 million euros for other tangible assets at December 31, 2007 Consolidated Financial Statements 18

20 Statement of financial position Year ended December 31, 2009 France United Kingdom Spain Poland (in millions of euros) Goodwill 15,305 1,517 4,723 1,788 Other Intangible Assets 2,042 3,756 1, Property, plant and equipment 10,121 1,795 2,144 4,319 Interests in associates Other non-current assets Total Non-current assets 27,519 7,070 8,531 6,950 Inventories Trade receivables 2, Prepaid expenses Other current assets 1, Total Current Assets 4,667 1, Total assets 32,186 8,090 9,145 7,418 Assets held for sale TOTAL ASSETS Equity Non-current trade payables Non-current employee benefits Non-current provisions Other non-current liabilities Total Non-current liabilities 2, Current trade payables 3, , Current employee benefits Current provisions Deferred income 1, Other current liabilities 1, Total Current liabilities 8,123 1,343 1,407 1,170 Total equity and liabilities 10,200 1,441 1,583 1,472 Liabilities related to assets held for sale TOTAL EQUITY AND LIABILITIES (1) Total before the reclassification of segment United Kingdom. (2) Some trade receivables generated by the Enterprise segment (approximately 289 million euros) are included in the France segment, wich is responsible for their collection. Including for other intangible assets and property, plant and equipment, 325 million euros of the France geographic zone, 12 million euros of the UK zone and 446 million euros of rest of the world geographic zone. (3) Including for other intangible assets and property, plant and equipment, 2,933 million euros of the France geographic zone, 3,146 million euros of the UK geographic zone and 52 million euros of rest of the world geographic zone. (4) See section 11. Consolidated Financial Statements 20

22 Statement of financial position Year ended December 31, 2008 France United Kingdom Spain Poland (in millions of euros) Goodwill 15,302 1,415 4,929 2,161 Other Intangible Assets 1,941 3,736 2, Property, plant and equipment 10,288 1,761 2,286 4,712 Interests in associates Other non-current assets Total Non-current assets 27,586 6,912 9,294 7,742 Inventories Trade receivables 2, Prepaid expenses Other current assets 2, Total Current Assets 6,038 1, TOTAL ASSETS 33,624 7,939 10,075 8,301 Equity Non-current trade payables Non-current employee benefits Non-current provisions Other non-current liabilities Total Non-current liabilities 1, Current trade payables 4, , Current employee benefits Current provisions Deferred income 1, Other current liabilities 1, Total Current liabilities 8,587 1,472 1,705 1,286 TOTAL EQUITY AND LIABILITIES 9,920 1,558 2,152 1,621 (1) Some trade receivables generated by the Enterprise segment (approximately 296 million euros) are included in the France segment, wich is responsible for their collection. Including for other intangible assets and property, plant and equipment, 396 million euros of the France geographic zone, 11 million euros of the UK zone and 439 million euros of rest of the world geographic zone. (2) Including for other intangible assets and property, plant and equipment, 3,378 million euros of the France geographic zone, 2,572 million euros of the UK geographic zone and 75 million euros of rest of the world geographic zone. Consolidated Financial Statements 22

24 Statement of financial position Year ended December 31, 2007 France United Kingdom Spain Poland (in millions of euros) Goodwill 15,334 1,836 5,032 2,464 Other Intangible Assets 1,912 5,113 2,460 1,051 Property, plant and equipment 10,353 2,100 2,399 5,997 Interests in associates Other non-current assets Total Non-current assets 27,600 9,049 9,893 9,513 Inventories Trade receivables 3, Prepaid expenses Other current assets 1, Total Current Assets 4,832 1, TOTAL ASSETS 32,432 10,190 10,748 10,206 Equity Non-current trade payables Non-current employee benefits Non-current provisions Other non-current liabilities Total Non-current liabilities 1, Current trade payables 3,980 1,086 1,439 1,052 Current employee benefits 1, Current provisions 1, Deferred income 1, Other current liabilities Total Current liabilities 8,643 1,786 1,672 1,680 TOTAL EQUITY AND LIABILITIES 10,144 1,877 2,137 2,009 (1) Some trade receivables generated by the Enterprise segment (approximately 1,921 million euros) are included in the France segment, wich is responsible for their collection. Including for other intangible assets and property, plant and equipment, 400 million euros of the France geographic zone, 13 million euros of the UK zone and 428 million euros of rest of the world geographic zone. (2) Some trade receivables generated by the ICandSS segment (approximately 93 million euros) are included in the France segment, wich is responsible for thier collection. Including for other intangible assets and property, plant and equipment, 3,123 million euros of the France geographic zone, 3,669 million euros of the UK geographic zone and 104 million euros of rest of the world geographic zone. Consolidated Financial Statements 24

26 Note 1 - Description of business and basis of preparation of the consolidated financial statements 1.1 Description of business The France Telecom Group (hereafter called the Group ) provides consumers, businesses and other telecommunications operators with a wide range of services including fixed telephony and mobile telecommunications, data transmission, Internet and multimedia, and other value-added services. 1.2 Basis of preparation of 2009 consolidated financial statements The consolidated financial statements were approved by the Board of Directors at its meeting of February 24, 2010 and will be sumitted to the approval to the Shareholders Meeting on June 9, In accordance with European regulation n 1606/2002 dated July 19, 2002, the 2009 consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union (available on the website Comparative figures are presented for 2008 and 2007 compiled using the same basis of preparation. For the reported periods, the accounting standards and interpretations endorsed by the European Union are similar to the compulsory standards and interpretations published by the International Accounting Standards Board (IASB) with the exception of the carve-out of the IAS 39 standard and the standards and interpretations currently being endorsed, which has no effect on the Group accounts. Consequently, Group accounts are prepared in accordance with the IFRS standards and interpretations, as published by the IASB. Following the changes in the standards, the wording of certain financial statements and accounting terms have changed: New wording Previous wording Statement of financial position Statement of cash flows Unrecognised contractual commitments Non-controlling interests Owners of the parent Balance sheet Cash flow statement Off balance sheet commitments Minority interests Equity holders of France Telecom S.A. The principles applied to prepare financial data relating to the financial year 2009 are based on: all standards endorsed by the European Union and interpretations compulsory as of December 31, 2009 and any IFRS standards and interpretations with early application. New standards and interpretations applied by the Group in 2009 are: Standard / Interpretation Consequences for the Group of the standards and interpretations applied in 2009 which affect the Group s financial situation IFRS 8 Operating Segments IFRS 8 «Operating Segments» supersedes IAS 14 «Segment Reporting». Operating segments are components of the Group that engage in business activities and whose operating results based on the internal reporting are regularly reviewed by the chief operating decision maker (the Chief Executive Officer for the Group) in order to decide the allocation of resources and the assessment of the operating segments performance. Segment information shall correspond to operating segments or relevant aggregation of operating segments. In order to reflect organizational changes, whereby its integrated carrier strategy and synergies are rolled out in individual countries, the Group changed its segment reporting as of January 1, 2009, from an analysis by business activity (Personal Communication Services, Home Communication Services and Enterprise Communication Services) to an analysis mainly to a country-based reporting structure. 7 new operating segments are now reported: France, United Kingdom, Poland, Spain, Rest of the World, Enterprise and International Carrier and Shared Services (IC & SS). The reportable segment Rest of the World aggregates the business activities in the countries of AMEA (Africa, Middle East and Asia) and EME (Europe and Middle East). Consolidated Financial Statements 26

27 Standard / Interpretation IAS 36 amended by IFRS 8 Impairment Tests IAS 1 Presentation of Financial Statements Consequences for the Group IAS 36 has been modified by IFRS 8 with a compulsory application date similar to that of IFRS 8, namely January 1, 2009, first-application date retained by the Group. For impairment test purposes, IAS 36 required that goodwill should be allocated to groups of Cash- Generating Units (CGUs) that correspond to the level at which goodwill is internally monitored, which is not larger than a business segment (first level of segment reporting for the Group) or the geographic segment (second level of segment reporting for the Group). Therefore, the Group monitored goodwill for Poland, Jordan and Senegal by country and tested it at this level, aggregating Home and Personal businesses. From now on, in the amended IAS 36, the largest level for impairment testing is the operating segment as defined by IFRS 8. In the absence of transitional provisions, the IFRIC received a request for guidance on the transition arrangements in IFRS 8 and its interaction with IAS 36. The IFRIC identified two alternative treatments: either prior period adjustment or current period adjustment, but the IFRIC decided not to add the issue to its agenda. The Group has applied the IAS 8 general principle of retrospective application. This leads to identify the operating segments in accordance with the principles of IFRS 8 in the internal reporting used until December 31, Since Group s internal and external reporting are aligned, operating segments as defined by IFRS 8 are the business segments over the period. As a consequence, goodwill relating to Home and Personal businesses for the three-abovementioned countries has been tested separately on a retrospective basis. This leads to additional impairment relating to Poland and Jordan Home businesses compared with the historical impairment accounted for, respectively amounting to 507 and 48 million euros as at January 1, This impairment is accounted for retrospectively as a change in accounting policy against equity as at January 1, 2007 (see below). The application of this revision is without effect on the Group financial position but modifies the presentation of its financial statements, including: the statement of changes in equity presents only transactions between the shareholders; all changes in assets and liabilities for a period are presented in two statements: a separate income statement (components of profit or loss) and a statement of comprehensive income (components of other comprehensive income). The breakdown of the amount reclassified to profit or loss in the current period that were previously recognized in other comprehensive income (reclassification adjustments) is disclosed in the notes, as well as the breakdown of the amount of income tax relating to each component of other comprehensive income (see notes 10, 16, 21 and 23). Moreover, when a change in accounting policy is applied retrospectively, a statement of financial position has to be presented as at the beginning of the earliest comparative period, namely as at January 1, 2007 for the Group. The accounting consequences of the change in accounting policy resulting from the amendment to IAS 36 by IFRS 8 are: January 1, 2007 December 31, 2007 December 31, 2008 (in millions of euros) Before the change in accounting Impact of IAS 36 amended Impact of IAS 36 amended Impact of IAS 36 amended policy by IFRS 8 Restated Published by IFRS 8 Restated Published by IFRS 8 Restated Goodwill 31,517 (555) 30,962 31,389 (582) 30,807 30,811 (510) 30,301 Retained earnings (886) (518) (1,404) 2,315 (518) 1,797 1,506 (518) 988 Components of other comprehensive income 2,272 (37) 2,235 1,964 (64) 1, Equity attributable to owners of the parent 26,992 (555) 26,437 30,053 (582) 29,471 27,600 (510) 27,090 Non-controlling interests 4,844-4,844 4,470-4,470 3,598-3,598 TOTAL EQUITY 31,836 (555) 31,281 34,523 (582) 33,941 31,198 (510) 30,688 Consolidated Financial Statements 27

28 Standard / Interpretation Consequences for the Group of the other standards and interpretations applied in 2009 IAS 23 (revised in 2007) Borrowing Costs Amendment to IFRS 2 Vesting Conditions and Cancellations Amendment to IFRS 7 Improvements to IFRSs IFRIC 16 Hedges of a Net Investment in a Foreign Operation IFRIC 18 Transfers of Assets from Customers Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset shall be capitalized as part of the cost of that asset which requires a substantial period of time to get ready for its intended use or sale, unlike what has been applied by the Group until December 31, The network deployment mode in the Group assessment does not generally require a substantial period of time. The application of this standard has no effect on the Group s accounts. This amendment states that fair value of equity instruments awarded has to include all ancillary conditions for the acquisition of rights. Moreover, when one of the parties may elect not to fulfil one of the conditions, this choice has to be accounted for as a cancellation. The application of this amendment has no effect on the reported periods. The amendment requires providing additional disclosures relating to fair value measurement and liquidity risk. The Group has provided additional disclosures to those already provided in its financial statements as of December 31, The application of these improvements has no effect on the reported periods. This interpretation has a prospective application. It clarifies some principles of net investment hedge: the hedged item can only be an exchange difference between functional currencies, for an amount lower than the net investment carrying amount, and it can only be hedged once; the hedging instrument may be held in any group entity; the profit or loss relating to the hedge and initially booked in equity has to be reclassified in profit or loss on the disposal of the net investment. The application of this interpretation has no effect on the reported periods. Agreements in the scope of this interpretation are those in which an entity receives from a customer an item of property, plant and equipment or cash to be used only to construct or acquire an item of property, plant and equipment, the entity must then use the item of property, plant and equipment either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services, or to do both. The item of property, plant and equipment should be recognized at its fair value against revenue. The application of this interpretation is prospective to transfers of assets from customers received on or after July 1, 2009 and has no effect on the 2009 financial statements. the recognition and measurement options proposed by the IFRS standards: Standard Option used IAS 2 Inventories Measurement of inventories determined by the weighted average unit cost method IAS 16 Property, Plant and Equipment Measurement at amortized historical cost IAS 19 Employee Benefits Recognition of actuarial gains and losses on pensions and other post-employment benefit obligations from January 1, 2004 according to the corridor method IAS 31 Interests in Joint Ventures Accounting for using the proportionate consolidation method IAS 38 Intangible Assets Measurement at amortized historical cost Consolidated Financial Statements 28

29 the available exemptions regarding the retrospective application of IFRSs at the transition date (January 1, 2004 for the Group) hereafter summarized: Standard IFRS 2 IFRS 3 IAS 16 and IAS 38 Share-based Payment Business Combinations Property, Plant and Equipment and Intangible Assets IFRS 1 option used Retrospective application of the provisions of IFRS 2 to equity-settled and cash-settled plans, including those implemented prior to November 7, 2002 Non-application of the provisions of this standard for business combinations prior to the transition date Acquisition of non-controlling interests accounted for as goodwill for the difference between the acquisition cost and the minority interest share in the net equity, without any remeasurement of the assets and liabilities acquired Measurement of property, plant and equipment and intangible assets at historical cost, except for certain real estate assets held by TP Group and certain items of property, plant and equipment owned by France Telecom S.A. which were remeasured at fair value at the time of the change in the Company s status and deregulation of the telecommunications market in 1996 IAS 19 Employee Benefits Recognition of all actuarial gains and losses existing as of January 1, 2004 in equity IAS 21 IAS 39 Effect of Changes in Foreign Exchange Rates Financial Instruments Transfer into retained earnings of all cumulative translation differences for all foreign operations at January 1, 2004 Reclassification of certain financial instruments recognized prior to January 1, 2004 as financial assets and liabilities at fair value through profit or loss or as assets available for sale Prospective application as of January 1, 2004 of the fair value option relating to initial recognition of certain financial assets and liabilities accounting positions adopted by the Group in accordance with paragraphs 10 to 12 of IAS 8 hereafter: Topic Note Presentation of consolidated financial statements 2.1 Non-controlling interests 2.4 Taxes and deferred taxes 2.17 Waste electrical and electronical equipment 2.18 Individual right to training for employees (Droit Individuel à la Formation (DIF)) 2.19 Employee share offer 2.20 Lastly, where a specific transaction is not dealt with in any standards or interpretations, management uses its judgment to define and apply an accounting policy that will result in relevant and reliable information, such that the financial statements: present fairly the Group s financial position, financial performance and cash flows; reflect the economic substance of transactions; are neutral; are prepared on a prudent basis; and are complete in all material respects. Consolidated Financial Statements 29

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